Ripple [XRP] released a slew of important updates to its ecosystem on October 18. While the XRP community was still buzzing about Ripple’s announcement about the launch of a sidechain, a new update about Ripple’s creator fund was released.
Second-round grantees of Ripple’s $250 million Creator Fund, which intends to foster the growth of NFT initiatives on the XRP Ledger (XRPL), were revealed.
Ripple attempts to expand its NFT reach
To help developers build NFTs and other XRPL tokenization projects, Ripple created the $250 million Ripple Creator Fund. On 18 October, Ripple revealed the second group of creators who would be receiving financing from the Ripple Creator Fund.
The money went to artists and developers who are working to implement real-world use cases for XRP in various areas. These included gaming, the Metaverse, and the media and entertainment industries.
Ripple’s entry into the NFT market marks significance, and in a related move, one of the most prominent XRPLedger projects just announced the beta release of its NFT marketplace. The release was also announced for 18 October and the said launch would be deployed initially on the dev net.
🚨THIS IS NOT A TEST🚨
Tonight, European time, our #NFTmarketplace will open its public beta on devnet. We have been working hard on this platform since March. We are still working on it and adding features.
We hope you will like it.
Get ready for #NFTs on the #XRPL
— onXRP.com (@onXRPdotcom) October 18, 2022
No uptrend but trend looks good
As can be seen from the chart given below, XRP did not appear to be particularly amused by the above-mentioned developments. At press time, the price of XRP had decreased by more than 2%. In the daily time frame, it was noted to be trading around $0.45.
A continuing increasing trend for XRP was also visible on the trend line in the daily time period. Around $0.45 and $0.41, the support line was perceived to be under pressure. Additionally, the $0.51 and $0.56 price points showed resistance.
Using the price range tool, a chart analysis revealed XRP lost more than 58% throughout the downtrend that began in April. However, from the time the uptrend began until the current level of resistance, it had increased by more than 65%.
There were two Moving Averages displayed beneath the price: the 50-day (yellow line) and the 200-day (blue line) Marginal. If the yellow line does end up crossing over the blue line, a positive price activity could be expected.
As Ripple expands its services, XRP holders may soon reap the benefits of increased demand. Allowing NFT projects a voice on Ripple would broaden the network’s potential user base and uses. This is the kind of progress that might increase the value of XRP and make its owners very happy.